Mark Twain noted after a newspaper had prematurely published his obituary that reports of his death had been greatly exaggerated. The same can be said of sell-side research. The Myners review in 2001 and the October 2003 $1.4 billion Global Research Settlement forced on the industry by New York attorney general Eliot Spitzer, seemed to presage a shake-up of existing business models on both sides of the Atlantic. However, on the surface at least very little has changed.
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